Final

Question 1

Difference between price and value

Answer 1

-what is being charged
-what its worth

Question 2

pricing models pro/cons

Answer 2

-fixed
-variable
-

Question 3

pricing strategies for product life cycle intro

Answer 3

skimming and penetration pricing

Question 4

dumb industry

Answer 4

-compete w prices

Question 5

smart industry

Answer 5

-complex pricing structures

Question 6

price elasticity

Answer 6

change in demand in a market in response to a product’s change in price

Question 7

price elasticity equation

Answer 7

% change in quantity sold/ % change in price

Question 8

markup

Answer 8

percentage or dollar amount added to the cost to determine its selling price
price-cost/cost

Question 9

margin

Answer 9

difference between the final selling price and product’s cost
price-cost/price

Question 10

elements of promotional mix
pros/cons

Answer 10

-sales promotion
balance demand
-public relations

-personal selling
-direct marketing
-advertising

Question 11

6 stages of personal selling

Answer 11

-pre approach
-approach
-presentation
-close
-follow up

Question 12

ad campaign and important questions

Answer 12

-series of ad messages that share a common idea and theme and run for a limited amount of time

Question 13

SEO and importance

Answer 13

-Search Engine Optimization
-practice whose goal is to make a website easier to find by ranking high on a search results page
-consider a page’s relevancy and popularity

Question 14

google ranks

Answer 14

by each page instead of as a whole

Question 15

difference between natural, manufactured, and self-created backlinks

Answer 15

-someone found web content on the linked- to page useful
-intentional intentional link-building activities
-links are intentionally embedded

Question 16

steps to pay per click as campaign

Answer 16

-define audience
-set objective
-research keywords
-building landing page
-create ppc ad
-set ad keywords
-test ad

Question 17

advertising network

Answer 17

-provides network and infrastructure

Question 18

publishers

Answer 18

people that own websites that accept ad

Question 19

advertisers

Answer 19

people that create and pay for ads

Question 20

remarketing and how to use it
cookies

Answer 20

show ads for websites people have already visited but havent taken any action

Question 21

social media

Answer 21

websites and apps that are platforms where users can share content and information and interact with one another

Question 22

social media monitoring

Answer 22

process of listening out for social media conversations

Question 23

augmented reality and ephemeral content

Answer 23

-interactive
-visible short amount of time

Question 24

social media marketing and benefits

Answer 24

-using social media platforms strategically to market a person, product, company, organization, or idea
-loyal community
-improving brand image
-showing expertise or product quality
-improving customer service
-gaining customer feedback and idea
-boosting traffic and search engine rating
-expanding sales and each a new audience
-cutting marketing costs
-maintaining top of mind awareness

Question 25

six steps in personal selling process

Answer 25

pre approach
approach
presentation
close
followup

Question 26

difference between price elasticity and price inelasticity w example

Question 27

five elements of promotional mix w benefit

Answer 27

sales promotion
public relations
personal selling
direct marketing
advertising

Question 28

difference between cost-based, value-based, and market-based pricing w 2 pros/cons of cost-based

Question 29

social media marketing w four benefits

Answer 29

loyal community
improving brand image
showing expertise
improving customer service
gaining customer feedback
boosting traffic
expanding sales
cutting marketing costs
maintaining top of mind awareness